MOSCOW (Sputnik) – News emerged this week that OPEC may hold an extraordinary meeting in early March if global oil prices fall below $35 per barrel.
Despite recovering midweek losses, benchmark oil futures have remained well below the $35 per barrel mark, as of late Friday.
However, the OPEC is still split on the issue of taking action to stem the free fall.
"There must be a determination on reaching a decision in such a meeting," Zangeneh said as quoted by Iran’s SHANA petroenergy information network. "Otherwise its convention will have a negative impact on the global crude oil markets."
"It is imperative that there should be a resolve for change, but we have not received such a signal," Zangeneh said.
